The Fed can avoid the "deep pain" of fighting inflation

Atlanta Fed President Rafael Bostic said he still believes the U.S. central bank can curb inflation without significant job cuts, given the continued momentum of the economy.

Bostick, on CBS's "Face the Nation," said there is a good chance that if job losses do occur, they will be less than during past economic downturns.

The Atlanta Fed president also said that inflation is now too high and that all possible measures should be taken to bring it down. The Fed plans to continue to aggressively raise interest rates in order to slow the economy, as well as to equalize the supply and demand for goods and services and reduce inflation.

Along with similar actions by many other central banks, this news caused stock markets to plummet and led to warnings that with many monetary officials tightening policy at the same time, the risk of a global recession is growing.